Novidea Launches Insurance Management Platform in SE Asia

The expansion aims to address urgent demand from brokers in Southeast Asia for a single integrated, global, cloud-based insurance management platform.

(Image credit: Florian Wehde/Unsplash.)

Novidea (London), creator of a cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and carriers, has announced its launch into the Southeast Asian market, starting in Hong Kong and Singapore. This geographical expansion aims to support Novidea’s stated strategy to become the leading global provider of core platforms for insurance organisations.

According to analytics specialist GlobalData, Singapore’s general insurance industry is set to grow by 7.2 percent by 2026, fuelled by private health and major infrastructure projects. The firm forecasts that the industry in the region will grow from US$3.5bn in 2021 to US$5.1bn in 2026.

Ben Potts, MD, U.K. and International, Novidea.

“At Novidea, we are seeing an urgent demand from global brokers in Southeast Asia for a single integrated, global, cloud-based insurance management platform,” comments Roi Agababa, CEO, Novidea. “Southeast Asia is embracing digital transformation in terms of insurance technology, and many businesses are seeking specialist digitalisation solutions to remain competitive and profitable.”

Novidea cites a global survey that the vendor commissioned this quarter that is says demonstrates that Singapore insurance organisations experience challenges with their existing technology, the most prevalent being the cost of upgrades, data silos, and high implementation and maintenance costs.

“There are many technology suppliers in the Southeast Asia region, however there are very few global insurance management platforms that support businesses across borders, while covering the entire customer journey, end-to-end and offering an integrated front-, middle-, and back-office in a single platform,” says Ben Potts, MD, U.K. and International, Novidea, who is heading the Southeast Asia initiative.  “Whilst the initial demand for Novidea’s platform came from global brokers who need a more efficient way to integrate their operations, both worldwide and between markets, we also support carriers, regional brokers and larger MGAs looking to accelerate their growth.”

A Vast Market, Characterized by Fragmentation and Complexity

Novidea describes the insurance market in Southeast Asia as vast, yet characterised by fragmentation and complexity. Global brokers and carriers require access to new age cloud-based systems with a global first approach supporting multiple languages, currencies, compliances, and workflows within the region. Those characteristics underscore a significant opportunity for global brokers and carriers to elevate their technological capabilities, leveraging the advantages offered by Novidea’s insurance management platform, the vendor asserts.

Novidea’s streamlined and automated platform, built on open API architecture, fully integrates front, middle, and back offices, according to the vendor. Novidea asserts that the platform boosts operational efficiency while providing a seamless digital experience for team members and customers alike. “Insurance businesses benefit from a 360-degree view of customers and policies and can access data and actionable insights anytime, anywhere, and on any device,” a Novidea statement says. “Novidea enables brokers, agents, MGAs, and carriers to modernize and manage the customer journey end-to-end and drive growth across the entire insurance distribution lifecycle.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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